MS Global Franchise Fund

MS Global Franchise Fund

Last Update: 2014-05-30

Number of Stocks: 27
Number of New Stocks: 1

Total Value: $598 Mil
Q/Q Turnover: 6%

Details: Top Buys | Top Sales | Top Holdings  Embed:

MS Global Franchise Fund Watch

  • MS Global Franchise Fund Comments on Time Warner Cable Inc

    During the quarter, we initiated a position in Time Warner (TWC)(3.0%), which is one of the largest U.S. cable network businesses and parent company of Warner Brothers film and TV studios. Time Warner networks include CNN, HBO and Turner Networks. Return on operating capital at the cable networks is currently over 50% and closer to 15% at the film studios. We believe Time Warner is one of the best run cable network businesses in North America as it offers almost pure exposure to high return businesses where other networks companies often do not. The company is the leader in original scripted content in North America and also has a leading film franchise. It has an extensive film library and is able to monetize its content not just in the U.S., but globally. The stock is trading on a free cash flow yield of about 7%, with free cash flow expected to grow over 6% per year for several years to come.

    From MS Global Franchise Fund (Trades, Portfolio)’s First Quarter 2014 Commentary.  

  • MS Global Franchise Fund First Quarter 2014 Commentary

    Performance Review

    In March, the Global Franchise Portfolio returned 0.53%, outperforming the MSCI World Index, which returned 0.14%. For the first quarter, the Portfolio returned 0.77% and the Index returned 1.26%.


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